JPMorgan Chase misses on both profit and revenue in third quarter

Revenue came in at $50.91 billion against a forecast of $51.65 billion, with earnings per share of $5.75

JPMorgan Chase reported third-quarter earnings per share of $5.75, excluding net investment securities losses, $0.17 below expectations. Revenue came to $50.91 billion, short of the $51.65 billion forecast.

Chairman and CEO Jamie Dimon said the bank reduced share repurchases this quarter in line with its capital hierarchy, a policy for allocating capital that puts buybacks behind other priorities. He said the move keeps capital available to deploy later at attractive returns for shareholders.

The result is a step down from recent quarters. In the second quarter of 2026, JPMorgan posted adjusted earnings per share of $6.14 against a consensus of $5.59, according to Admiral Markets, citing Earnings Whispers and Hudson Labs. A year earlier, in the third quarter of 2025, the bank reported earnings per share of $5.07 on revenue of $47.12 billion, according to MarketBeat.

The shortfall marks a change in tone from Dimon, who had spent the month offering upbeat commentary on inflation, rates and investment conditions. This time the bank's own numbers fell short on both lines. The pullback in buybacks, framed as capital discipline, suggests management sees less near-term value in repurchasing shares at current levels, a contrast to a chief executive who has otherwise projected confidence in the United States as an investment destination. Slower buybacks paired with a revenue and earnings miss removes one of the supports investors had been counting on this quarter.